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      02-05-2014, 09:23 AM   #1
Chrjy
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Insurance Dilemma!

Wondering what other people's thoughts are on this and whether anyone else has had to make a similar decision.

Basically I'm picking up my new X1 in mid March and have been looking at various insurance for alloys, tyres, bodywork etc.

Rather than take all three which could become increasingly expensive I'm trying to figure out which would be the best option overall:

Alloy wheel insurance - scuffs, scratches etc
Tyre Insurance - Tyre replaced free if punctured
Paintwork Insurance - Remove scratches, small chips etc

Obviously cost is something to take into consideration but leaving that out the equation which do you think is the best one to go for?
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      02-05-2014, 09:33 AM   #2
Lucky13
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None, they wouldn't be selling the insurance if they weren't making money on it.
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      02-05-2014, 09:35 AM   #3
Chrjy
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Quote:
Originally Posted by Lucky13 View Post
None, they wouldn't be selling the insurance if they weren't making money on it.
That's based on an average, i.e. If 100 people buy the insurance and only 5 people need to claim then they will have lost money on those who claim but made up that easily with those that didn't. Exactly the same with all insurance.
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      02-05-2014, 09:43 AM   #4
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We traded our previous 135i for the X1, which was taken good care of, but had one noticeable door ding, two scuffed rims and about 40% treadlife. The detailed offer included a total of $200 of deductions for those things. When they offered us insurance for those things on the X1, it was something absurd like $100/mo.

In the US, you can get wheels refinished for $100/ea, a dent pulled for $40-$60 and there are tire shops that will provide you with tire coverage if you take it in with under a few hundred miles. So unless you just don't like your money, skip all of that silliness.
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      02-05-2014, 09:50 AM   #5
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Quote:
Originally Posted by Red Bread View Post
We traded our previous 135i for the X1, which was taken good care of, but had one noticeable door ding, two scuffed rims and about 40% treadlife. The detailed offer included a total of $200 of deductions for those things. When they offered us insurance for those things on the X1, it was something absurd like $100/mo.

In the US, you can get wheels refinished for $100/ea, a dent pulled for $40-$60 and there are tire shops that will provide you with tire coverage if you take it in with under a few hundred miles. So unless you just don't like your money, skip all of that silliness.
Interesting...thanks for that.

Tyres over here in the UK for the X1 are approximately £170 ($277) and to get a scuffed wheel repaired on average is around £80 ($130).

Still in two minds to take out anything at all as if I didn't end up using it, it's essentially money down the pan.

Probably best off just putting the money away each month into a savings account.
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      02-05-2014, 09:53 AM   #6
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Quote:
Originally Posted by Chrjy View Post
Interesting...thanks for that.

Tyres over here in the UK for the X1 are approximately £170 ($277) and to get a scuffed wheel repaired on average is around £80 ($130).

Still in two minds to take out anything at all as if I didn't end up using it, it's essentially money down the pan.

Probably best off just putting the money away each month into a savings account.
If you have the discipline to stuff away a few quid for these things, then that's going to be your best bet. Check with a tire (tyre) shop and see if you can get accidental coverage if you pay for it through them. We had a non repairable flat in one of our tires pretty early on and when I took it to the local shop, they retroactively added coverage to the two tires they didn't replace when I paid for the other two.
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      02-05-2014, 11:18 AM   #7
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Quote:
Originally Posted by Chrjy View Post
Probably best off just putting the money away each month into a savings account.
Indeed. I went through this exercise with the "money man" at delivery and proved to him that these coverages weren't worth it.
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      02-05-2014, 03:45 PM   #8
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GAP insurance, paint protection, wheel insurance - I lost count of the number of times I sent the Salesperson away to recalculate the cost without these add-ons (Audi were the worst).
The dealers must make most of their money selling these. When I bought the VW they added GAP insurance and paint protection and took the cost off the price of the car.
Like all insurance it's about the risk and how much you want peace of mind, but also how willing they are to pay out if you do make a claim. The tyres on my Tiguan (235/55s) seem pretty good at protecting the alloys and hopefully the ones on my X1 will be as good. Also for my last two cars at least I have only had to replace one tyre due to accidental damage so (touch wood) hopefully I won't need tyre insurance.
As said elsewhere, if you have the discipline to put the money away each month, go for it. My opinion is that they are not worth the extra cost.
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      02-05-2014, 03:54 PM   #9
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It's interesting to get peoples opinion on this subject.

My intention was not to go with the dealer but rather elsewhere as it's considerably cheaper, although I am questioning my own thoughts on it.

The reason I was thinking about it was I scratched my alloys a little while ago on an unseen kerb that was hidden behind some grass, not a kerb as such but rather some concrete. Although I was annoyed I never did take the time to get them repaired even though I found it frustrating and felt that perhaps I would be more inclined to get them sorted if the insurance was in place.

Having said that the tyres on my 320 are considerably lower profile than the ones on the X1 so that will help.
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      02-05-2014, 07:32 PM   #10
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Garage List
Put a few bucks away and walk away from any of these extra insurances. Shit happens, but if not enough shit happens to you during the duration of your ownership, you've just given some rich chap more money. He'll be the one laughing at you.
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      02-05-2014, 07:57 PM   #11
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Quote:
Originally Posted by Twix View Post
Put a few bucks away and walk away from any of these extra insurances. Shit happens, but if not enough shit happens to you during the duration of your ownership, you've just given some rich chap more money. He'll be the one laughing at you.
Very true.
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      02-06-2014, 12:00 PM   #12
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Here's a beauty. The money man trying to convince me to do the paint sealant and charge for it. I would have never said yes anyway, but little did he know I had already sat in the vehicle and found the silly certificate saying they had already done it when it arrived. Oooops.
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      02-06-2014, 01:38 PM   #13
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Quote:
Originally Posted by Gort View Post
Here's a beauty. The money man trying to convince me to do the paint sealant and charge for it. I would have never said yes anyway, but little did he know I had already sat in the vehicle and found the silly certificate saying they had already done it when it arrived. Oooops.
Hehe...
AutoArmour, ThermoGuard, etc. = scams, ripoffs, etc.
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      02-09-2014, 02:54 AM   #14
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Insurance

The cheapest and easiest way through life is only catastrophic insurance.

I insure my X1 and RX8 with full coverage, but $1000. deductible.

Mechanical damage or other little stuff is best paid for directly by you.

Sometimes a tire dealer throws road hazard insurance in with installation, and I might have a weak moment and take it when it's a small amount.
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